Total crude oil and petroleum products stocks surged +3.58 mmb to 1101 mmb in the week ended June 25. Utilization rate dipped -1% to 88.4%. Crude oil inventory dropped -2.01 mmb to 363.1 mmb with the biggest draw in the West Coast (-4.34 mmb). Cushing stock fell -0.80 mmb.
Gasoline stockpile increased +0.54 mmb to 218.1 mmb while the market had anticipated a drop of -0.5 mmb. Production rose +1.21% while imports soared +22.2%. These were partly offset by rise in demand which surged +2.39% to 9.46M bpd. Distillate stockpile rose +2.46 mmb to 159.4 mmb. The bigger-than-expected increase was driven by +1.46% increase in production and +7.02% gain in imports. Meanwhile, demand slid -6.18% to 3.55M bpd.
Crude oil prices tumbled after the report as investors were disappointed by oil product stock-builds, especially for distillate. WTI crude oil price slid to 75.52 while Brent crude plunged to 75.4. Heating oil slumped but was able to hold above 2 while gasoline dropped to 2.058 before rebounding to 2.06.
